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Business Loan or Personal Loan

    • 8 posts
    January 23, 2013 8:48 PM EST

     

    If you need to get a full amount of money then it’s better for you to take out a personal loan. An interest rate is a bit high but you will get as much money as you need for a startup and there will be no need to wait. Otherwise you can try to apply to different banks and different institutions, I am sure they will offer you at least several different options so maybe among them there will be the one which really suits you. Also you can try to look for investor who will like your project and will be ready to lend you money. There are different options, long term personal loans and payday loans in 1 hour but in case you have serious doubts then it’s better to apply to a financial advisor and ask to help you to chose the right option.

    • 11 posts
    June 15, 2013 1:16 AM EDT

    I think business loan is best as it will be at the name of the business and also if you make partnership with anyone, he/she will have to pay that business loan as well. Otherwise, they can say that it is your personal loan and you have to pay for it. 

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    • 1 posts
    February 26, 2013 6:49 PM EST

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    • 1 posts
    June 20, 2013 3:08 AM EDT

    There are a number of differences between personal loans and business loans. You need to have a business to get a business loan but personal loans don't necessitate that. You can use personal loans which are mostly unsecured loans for a variety of purposes. Business loans will definitely ask for a collateral or guarantor and if you can't provide a good collateral, the interest rate will be significantly high or you may not qualify. Your personal credit score, income and credit history will be evaluated while you are applying for a personal loan. In contrast, the credit history and income of your business will be taken into account when you request for a business loan. So, the purpose and requirements of these two types of loans make them wholly distinct.

    • 26 posts
    January 25, 2013 7:25 AM EST

    Banks don't fund startup businesses. If you can get a business loan then by all means, if not take what you can get.  It does not matter the interest rate or fees - what matters is what you do with the money.  Can you earn more in revenue from using those funds then those funds costs?  You need money and it should not matter if it is personal or business - just use it properly to grow your business.

    As far a credit issue, if you account for it properly on your books, you will have no problems plus for any business loan, they will rtequire that you personally guarantee it - thus, they make it a perosnal issue.

     

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    • 120 posts
    February 26, 2013 9:30 PM EST

    It's your personal business right? So i think you should apply for a personal loan. If this is a sharing business then business loan is better.

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    • 1 posts
    January 24, 2013 1:13 PM EST

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    and good luck finding the funding you require.

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    • 12 posts
    December 13, 2012 2:57 PM EST

    I wouldn't worry too much about the "credit issues" that they warned you about.  My guess is that they are referring to the fact that you will get 2 hard inquiries against your credit score which will slightly lower your score.  These inquiries may cause a very short term hit to your credit score of about 10-20 points, but in the long term it may actually help your credit because you will have 2 established lines that have been paid back.  

    You may want to go with 1 to keep things simple, but if the interest rate difference is a lot, then you will want to go with the lower rate for as much of the loan as possible.

    Hope that helps.  Keep me posted on how it goes.  

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    The Money Track
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    • 1 posts
    June 7, 2013 4:26 AM EDT

    Personal cash loans are the most convenient option to get fast cash flow in urgent money requirement. The short term cash loans are sanctioned to you only for a short period of time only so that you can get the solution for your entire financial crisis for a duration of2-4 weeks.
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    • 1 posts
    April 25, 2013 4:08 AM EDT

    Any types of loan taken is a very tedious work. But there are some organizations are also available which can provide you personal loan on single call yes on a single call. Like CashLenderNow, you need to make a call and you will get your cash loan.

     

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    • 2 posts
    June 16, 2013 12:31 AM EDT

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    • 2 posts
    June 16, 2013 12:34 AM EDT

    ICC Mortgage And financial Services, Is a sincere and certified private Loan company approved by the Government, we 

     

    give out international and local loans to all countries in the world,Amount given out $2,500 to $100,000,000 

     

    Dollars, Euro and Pounds.We offer loans with a dependable guarantee to all of our clients. Our loan interest rates 

     

    are very low and affordable with a negotiable duration.Available now

     

     

    MORTGAGE, PERSONAL, TRAVEL, STUDENT, EXPANSION OF BUSINESS AND NEW UNSECURED, SECURE, CONSOLIDATE AND MORE Apply 

     

    for a loan today with your loan amount and duration, Its Easy and fast to get. 4% interest rates and monthly 

     

    installment payments.

     

     

    Regards

    Eric Jones

    morethanlending@gmail.com

    • 1 posts
    December 13, 2012 7:06 AM EST

    We have a great business plan and are looking for funding for a start-up. We have identified the ideal location which is available now so time is of the essence. We spoke to The Business FInance Store today. Does anyone have experience with them? We need about 100k for the start-up. I can qualify for a personal loan which will get us that amount or we can get a business loan, at lower rates, but not for the full amount. The contact there cautioned us against using both a business loan and a personal loan - inferring the combination may create credit issues. These are unsecured loans. When I spoke to banks they want collaterlized loans and we don't have enough to qualify. Any advise or feedbak is appreciated.

    • 12 posts
    December 30, 2013 12:48 AM EST

    Business loans are in demand today. Various lenders both alternate and traditional lenders provide customized small business loan according to the varied needs of the business. There are some basic qualifications or criteria that every borrower needs to qualify in order to secure financing for business especially in New York, the financial capital of the world.for getting business loans for your business you have to set goals for your business.Its necessary.

  • January 10, 2014 4:12 AM EST

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    • 19 posts
    January 13, 2014 1:40 AM EST

    Many industrialists are growing up their business by taking loans from the banks. Its not the big deal whether one is taking loan or not. The matter is that how capable is he in returning that amount to the lenders in minimal time.

    Especialyy for startups, it is important to wrok round the clock and take help from some good experienced industriial people to gain the experinece how to work and exist in the so-competitive market. Venture capital firms are doing the same and working with well-reputed comapnies so that they can help to the people who are going to start their business.

    • 11 posts
    June 2, 2014 9:31 AM EDT
    It is good to take a loan if you want to start a new business and you don't have a good capital to invest,I owned a small business and I get loan from www.bngloans.com ,it is a good source of getting loan on easy criteria.
    This post was edited by Jerry698 at June 2, 2014 9:32 AM EDT